Old Dominion Freight Line, Inc. (NASDAQ:ODFL – Get Free Report) has received a consensus rating of “Hold” from the twenty-six ratings firms that are covering the stock, Marketbeat reports. Four equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and nine have issued a buy rating on the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $191.3750.
A number of equities research analysts have issued reports on the stock. Bank of America set a $165.00 price objective on shares of Old Dominion Freight Line in a research report on Thursday, December 18th. Truist Financial set a $225.00 price objective on shares of Old Dominion Freight Line in a research report on Thursday, February 5th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $195.00 price objective on shares of Old Dominion Freight Line in a research report on Wednesday, February 4th. Citigroup reaffirmed a “neutral” rating and issued a $216.00 price objective (up from $196.00) on shares of Old Dominion Freight Line in a research report on Friday, February 6th. Finally, Rothschild & Co Redburn upped their price objective on shares of Old Dominion Freight Line from $114.00 to $176.00 and gave the stock a “sell” rating in a research report on Friday, February 6th.
Old Dominion Freight Line Stock Performance
Old Dominion Freight Line (NASDAQ:ODFL – Get Free Report) last issued its quarterly earnings data on Wednesday, February 4th. The transportation company reported $1.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.06 by $0.03. Old Dominion Freight Line had a net margin of 18.62% and a return on equity of 24.03%. The business had revenue of $1.31 billion during the quarter, compared to the consensus estimate of $1.30 billion. During the same period in the prior year, the firm posted $1.23 EPS. The firm’s quarterly revenue was down 5.7% compared to the same quarter last year. On average, sell-side analysts forecast that Old Dominion Freight Line will post 5.68 EPS for the current fiscal year.
Old Dominion Freight Line Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Wednesday, March 18th. Stockholders of record on Wednesday, March 4th were given a dividend of $0.29 per share. The ex-dividend date of this dividend was Wednesday, March 4th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.6%. This is an increase from Old Dominion Freight Line’s previous quarterly dividend of $0.28. Old Dominion Freight Line’s payout ratio is currently 24.02%.
Insider Activity
In other news, Chairman David S. Congdon sold 52,000 shares of the stock in a transaction that occurred on Thursday, February 19th. The shares were sold at an average price of $194.77, for a total transaction of $10,128,040.00. Following the completion of the transaction, the chairman directly owned 712,800 shares of the company’s stock, valued at $138,832,056. This represents a 6.80% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Bradley R. Gabosch sold 3,134 shares of the stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $194.27, for a total transaction of $608,842.18. Following the transaction, the director directly owned 11,278 shares of the company’s stock, valued at $2,190,977.06. This represents a 21.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 80,134 shares of company stock valued at $15,640,132 in the last three months. Company insiders own 10.00% of the company’s stock.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. grew its position in shares of Old Dominion Freight Line by 2.2% during the 3rd quarter. Vanguard Group Inc. now owns 23,252,921 shares of the transportation company’s stock valued at $3,273,546,000 after acquiring an additional 494,674 shares during the period. Price T Rowe Associates Inc. MD grew its position in shares of Old Dominion Freight Line by 14.1% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 14,223,960 shares of the transportation company’s stock valued at $2,230,318,000 after acquiring an additional 1,761,511 shares during the period. State Street Corp grew its position in shares of Old Dominion Freight Line by 0.9% during the 4th quarter. State Street Corp now owns 7,746,286 shares of the transportation company’s stock valued at $1,214,618,000 after acquiring an additional 70,736 shares during the period. CIBC Private Wealth Group LLC lifted its stake in shares of Old Dominion Freight Line by 21.6% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 4,366,843 shares of the transportation company’s stock valued at $614,764,000 after buying an additional 776,004 shares in the last quarter. Finally, Boston Partners lifted its stake in shares of Old Dominion Freight Line by 98.4% during the 4th quarter. Boston Partners now owns 4,122,696 shares of the transportation company’s stock valued at $648,186,000 after buying an additional 2,044,434 shares in the last quarter. 77.82% of the stock is owned by institutional investors.
Old Dominion Freight Line Company Profile
Old Dominion Freight Line is a U.S.-based less-than-truckload (LTL) transportation company that provides regional, inter-regional and national freight services. Founded in 1934 and headquartered in Thomasville, North Carolina, the company has grown from a regional carrier into a national freight network, operating a broad system of service centers and terminals to move shipments for shippers of varying sizes and industries.
The company’s core business is LTL trucking, offering scheduled pickup and delivery for palletized freight that does not require a full truckload.
Further Reading
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